Can Akon Create a City Operating Solely On Cryptocurrency?
Akon City, based in Senegal, is being developed to run exclusively on cryptocurrency and be the first totally green city in the world
Many found it hard to take him seriously, especially when he claimed that he would build a city that’s run entirely on cryptocurrency.
The rapper and entrepreneur had introduced this idea at the Cannes Lions International Festival of Creativity; when asked to speak on the topic of “Branding Africa: Blockchain, Entrepreneurship, and Empowering The Future.”
“Cryptocurrency and blockchain technology offers a more secure currency that enables people in Africa to advance themselves independent of the government.” the rapper said.
However, Akon stayed true to his word; this rough idea had now evolved with the help of a team of industry experts as well as an actual place for this city to exist in. This is courtesy of the President of Senegal, who gifted Akon over two thousand acres of land for his endeavours.
Akon City is expected to be completed by the year 2029, with the second stage of construction scheduled for 2025. It isn’t just noteworthy for its aspirations to operate entirely on cryptocurrency; Akon has also revealed plans to make it the first green city to operate solely on solar grids — eliminating the need for electricity completely.
Akoin co-founder, Lynn Liss, points to the use of Dash in Venezuela as an example of what Akoin can do in Africa. However, there have been concerns regarding the impact of cryptocurrency in poverty-stricken nations, especially due to them targeting the vulnerable and making promises that may not be materialised in the long run.
But so far, there are also signs that cryptocurrency can help people living in countries with unstable governments. Over-the-counter crypto markets such as Paxful and LocalBitcoins in Latin America have filled the gap caused by the devaluation of national fiat currencies due to inflation. These companies have effectively doubled in size throughout the past year, reaching $44 million in volume.
Many look forward to how exactly cryptocurrencies are going to set a standard in developing nations due to the approach that it needs to take on these areas with unique needs.